News | Pegasus

Market Update Q2 2024

The Market: The Red Sea situation, Space and Sailing rates, Baltimore Francis Scott Key Bridge collapse impacts on supply chain and economy.

Red Sea Update

With the weekend altercations, all the carriers have now re-committed to staying out of the Suez Canal and moving around the horn of Africa.

Market Q4 Update

Market Update for Q4, Suez Canal,

Market Q4

Market Updates for Q4. Panama Canal, Cargo availabilities and capacity, Shipping Costs

Panama Canal Pileup due to Drought Conditions

Panama officials enacted water conservation measures in July due to drought that's causing major pileup in the Panama Canal global shipping route.

Tentative deal reached between ILWU and US West Coast Ports Employers

Late Wednesday, ILWU and Maritime employers reached a tentative agreement on a 6-year long contract covering all 29 US West coast ports

Indian Ports Are Maxed Out

Due to equipment upgrades in port and cyclones hitting the coast, India's ports are experiencing a bottle neck at limited open ports. Carriers calling on the west coast of India are dealing with major service reliability challenges amid a severe port capacity strain in the busy trade corridor.

Slowdowns and delays this week

Seattle port shutdown due to low productivity/ crane failure. Los Angeles and Long Beach Port terminal labor strike are causing delays and vessel backup.

2nd shift unexpectedly canceled Thursday, now 1st shift today

Customer Advisory - Update on ILWU disruptive actions in Port of Los Angeles and Long Beach

More Blank Sailing from China

Ocean carriers plan to cancel 50 voyages from now till end of April. This signals the decline in Chinese imports to US.

Asian Imports at an All Time Low

February 2023 is the lowest of TEU seen since covid following inventory overhang and decrease in consumer purchases.

Wan Hai faces $950,000 fine under revised FMC settlement over detention charges

Ocean carrier Wan Hai would pay a $950,000 fine under a proposed settlement involving claims it wrongfully charged US shippers detention penalties on 21 occasions in the spring of 2021, according to a revised agreement submitted to the Federal Maritime Commission (FMC).

3 Things That Matter For The 2nd Quarter

The 3 key factors affecting the market moving forward will be: Vessel integrity/blank sailings and the cost of the disruptions to the customer Port issues with empty returns (as a result of #1) Incoming capacity from carriers in 2023

Clean Truck Fee for Los Angeles and Long Beach Port

Clean Truck Fee roll out April 1st, 2022. Clean Truck Fund hopes to encourage the trucking industry to invest in cleaner zero emissions vehicles.

March 2022-China's lockdowns and Ukraine conflict effects on the Marketplace

Updates on Ukraine and Russian conflict and China's lockdown in Shenzhen

Pierpass Increases at Los Angeles and Long Beach Ports

The West Coast MTO Agreement (WCMTOA) announced that the Traffic Mitigation Fee (TMF) at the Ports of Los Angeles and Long Beach will be temporarily adjusted from December 1, 2021, through January 31, 2022, subject to regulatory clearance by the Federal Maritime Commission